[Blockchain Today reporter Han Ji-hye] Cointelegraph reported that US Congressmen in Texas have passed a bill to recognize cryptocurrency under the state commercial law.
Reportedly, at the 87th Texas legislative session on the 11th (local time), lawmakers passed a state uniform commercial law (UCC) amendment that aims to make the commercial law more adaptable to blockchain innovation and digital asset regulation.
Proposition 4474, first introduced in March by Congressman Tan Parker, is said to help UCC define cryptocurrency.
The bill will be presented to the Texas Senate for a proposed amendment and a potential final ballot. If the cryptocurrency bill passes the Senate, Texas Governor Greg Abbott could sign the bill. Abbott has already identified himself as a “supporter of cryptocurrency law proposals,” referring to HB 4474 in particular, and encouraging Bitcoin (BTC) mining companies to set up businesses within the state.
“The bill could make Texas a crypto-friendly state like Wyoming,” said Lee Bratcher, chairman of the Texas Blockchain Commission, in an interview with Cointelegraph in March. Wyoming is one of the only states in the United States that has clarified the definition of a virtual currency for a company, attracting major companies such as Ripple.
The Wyoming State Financial Commission last year granted full power to cryptocurrency exchange Kraken for cryptocurrency-friendly banking operations, and allowed Avanti to accept and store cryptocurrencies in a similar manner.
Texas is a place where cryptocurrency mining companies, including BlockCap and Riot Blockchain, are concentrated. Both companies said they plan to expand their mining operations in the state while purchasing new facilities and equipment.
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